A global property consultancy, Knight Frank Research latest report states that India’s airport retail segment is expected to grow to US$9.3 billion by 2030 from its estimated market size of US$1.6 billion in 2019.
In terms of duty free retail in India, the market size is estimated to be US$ 0.7 billion and is set to grow to US$2.4 billion by 2030. Indira Gandhi International Airport, New Delhi ranks first in the list of duty free revenue per passenger at US$10-11 followed by Chhatrapati Shivaji Maharaj International Airport, Mumbai at US$9-10 and Kempegowda International Airport Bengaluru at US$5-6.
As per the study, globally, the popular duty free zones in airports like Singapore’s Changi Airport, London’s Heathrow Airport and Dubai International Airport have become destinations in themselves with their per passenger spend for duty free as high as US$34 and US$20 for Paris and Dubai airports respectively.
As per this study, in India, non-aeronautical revenue from the Indira Gandhi International Airport is as high as 70 per cent of the gross revenue of which 34 per cent comes from retail, food and beverage and duty-free components.
You can read the full report here.